Manufacturing Financial News

IndiGo on Tuesday said that around 80 of its aircraft could be grounded between January to March to next year due to ongoing issues with Pratt & Whitney engines that is used in Airbus A320 and 321 aircraft. The airline, however said that it remains confident in meeting its long-term capacity guidance which it said will be north of mid-teens. “We have recently received additional information from Pratt & Whitney and based on our preliminary assessment of this, we anticipate Aircraft on Ground in the range of mid-thirties in the fourth quarter Jan-Mar2024 due to accelerated engine removals.

The British government announced on Tuesday that, under a framework for advancing autonomous vehicles (AV), it would hold the manufacturers of self-driving cars legally responsible for any accidents, rather than the owners. A decision embraced by both insurance companies and AV startups.

Key Financial HighlightsQ2 FY24 Highlights “Our Q2 FY24 result represents stable growth in our key businesses, as well as strong profitability. We are on track to meet our growth objectives for the year. Going ahead, differentiated launches in the US, in addition to a rebound in India business growth which was constrained by delayed seasonality, will be critical drivers.

Army is looking at phasing out its ageing fleet of Cheetah and Chetak choppers starting 2027, and considering induction of the light utility helicopters as the replacement besides exploring the option of leasing, sources said. The Army Aviation Corps is currently operating around 190 Chetak, Cheetah and Cheetal helicopters, they said. While the Army will be getting around 100 light utility helicopters (LUH), it is also looking at the option of taking choppers on lease to meet its requirement.

Voltas Home Appliance Business’ which appeared on Bloomberg, which was also picked up by few other publications/channels, without ascertaining the facts from the Company’s officials before publishing the same. 'In this connection, we wish to categorically state that the aforesaid news is totally incorrect and blatantly false, with no factual basis whatsoever. The Management therefore denies any such development," the company said in a regulatory filing.

incentives under PLI for white goods in the last quarter of this financial year as certain selected beneficiary firms have started production, DPIIT Secretary Rajesh Kumar Singh said on Tuesday. The production linked incentive (PLI) scheme on white goods seeks to encourage domestic manufacturing of air conditioners and LED light components. «In the last quarter (January-March), we are expecting some disbursements,» Singh told reporters on the sidelines of the India Korea Business Partnership Forum meeting here.

By Bianca Flowers and Alessandro Parodi

According to individuals with knowledge of the situation, the sovereign wealth fund of Saudi Arabia is currently negotiating an investment of no less than $250 million in Human Horizons Group, a Chinese electric-vehicle manufacturer.

Fair trade regulator Competition Commission of India (CCI) has cleared Bharti Group's proposed 49 per cent stake purchase in Bharti AXA Life Insurance Co Ltd. Bharti AXA Life Insurance Company Ltd (BALIC) is involved in the business of providing life insurance policies. The deal relates to the acquisition of 49 per cent shareholding of Bharti AXA Life Insurance Company Ltd (BALIC) by Bharti Life Ventures Pvt Ltd (BLVPL) from AXA India Holdings.

Oil fell below $80 a barrel for the first time in more than two months as fresh doubts on whether the Federal Reserve has finished tightening outweighed Saudi Arabia and Russia’s supply cuts.

₹151 crore, led by healthy growth in domestic and international business. Revenue increased 9% YoY to ₹882 crore in the fiscal second quarter (Q2FY24). Earnings before interest, tax, depreciation, and amortization (Ebitda) for the quarter stood at ₹251 crore, a 24% improvement YoY, with an Ebitda margin of 28.5%., the company said in a notification to the exchanges.

₹665 crore) from Teachers’ Venture Growth (TVG), the late-stage investment arm of the Ontario Teachers’ Pension Plan (OTPP). The firm said it would use the fresh capital to drive growth and support its management team's ambitions. “We believe the logistics sector is at the cusp of technological disruption and this is the right time to expand service offerings to address the growing needs of businesses and consumers," said Amitava Saha, founder and chief executive officer at Xpressbees.

Ludhiana administration has issued an advisory allowing the bursting of firecrackers on the occasion of Diwali, Guruparva and Christmas. According to the orders issued by Ludhiana Deputy Commissioner Surabhi Malik, firecrackers can be lit from 8 to 10 pm on Diwali and from 11:55 pm to 12:30 am on Christmas. Similarly, on the day of Guruparva, firecrackers can be burnt for two hours between 4:00 am to 5:00 am in the morning and 9:00 pm to 10:00 pm at night. The decision is aimed at ensuring that the festivities are carried out in a safe and eco-friendly manner. As per the orders, there will be a ban on the burning of firecrackers before and after the above-mentioned time. Likewise, there will be a ban on the burning of firecrackers within 100 meters of hospitals, educational institutions, religious institutions and courts. Earlier, the Chhattisgarh government also issued an advisory allowing the bursting of firecrackers for two hours on the occasion of Diwali, Chhath, Guruparva, Christmas and New Year. Firecrackers are burst with great pomp and show during the festivals, especially Diwali, but in view of the increasing pollution in the environment, the Housing and Transport Department of Chhattisgarh issued guidelines regarding the burning of firecrackers. In September 2023, the Supreme Court of India rejected a petition by the Firecracker Manufacturers Association to include barium in green crackers. The court upheld the Delhi government's decision to ban all firecrackers ahead of Diwali.

₹10,000 couldn't be more enticing. This limited-time event has brought forth remarkable discounts, with savvy shoppers poised to save up to a staggering 69% on a wide range of monitors. Whether you're in need of an upgrade, looking to expand your digital horizons, or simply seeking a more efficient display solution, the Amazon Sale offers you a myriad of budget-friendly options that are as practical as they are cost-effective.

RR Kabel hit their record high in intra-day deals on Tuesday after the company's net profit more than doubled in the September quarter of FY24 (Q2FY24). The stock rallied as much as 10.4 percent to its all-time high of ₹1,550.00 in intra-day deals on Tuesday. The RR Kabel stock was listed on the exchanges on September 20 at ₹1,180, a 14 percent premium over the issue price of ₹1,035.

₹11,901.85, hit on March 28, 2023. While they achieved record-high wholesale dispatches of passenger vehicles (PVs) in October, showrooms are now dealing with unprecedented inventory levels, raising concerns for both dealerships and manufacturers. According to FADA, the Navratri period saw a surge in bookings driven by the introduction of new models, particularly SUVs, and attractive consumer offers.

Intel is the leading candidate to potentially receive billions of dollars in government funding for secure facilities producing microchips for U.S. military and intelligence applications. The facilities—which have yet to be disclosed publicly—would be explicitly designated as a “secure enclave," according to people familiar with the development.

Tata Group's management is currently in discussions about the potential sale and has not reached a decision on whether to include their local joint venture with Arcelik AS in the deal, the sources added. Further, the sources said that these considerations are in the early stages, and Tata Group may opt to retain the asset for an extended period.

Indo Count Industries surged over 8% to hit a new 52-week high of ₹302.80 apiece on Tuesday. This impressive performance came on the heels of the company's September quarter earnings, which exceeded market expectations. The company released its Q2FY24 numbers after market hours on Monday, reporting the highest-ever quarterly revenue of ₹1,033 crore, crossing the ₹1,000 mark in revenue for the first time in history, on the back of a surge in volumes.

Lok Sabha elections are going to be the most important event for the next 12 months. PL believes the return of a strong majority government can re-rate the markets meaningfully from current levels.

Protean eGov Technologies, ESAF Small Finance Bank and ASK Automotive are currently open for public subscription. Here's a brief look at subscription status and other details. ESAF Small Finance Bank The public offer of ESAF Small Finance Bank (SFB) was booked nearly 19x on the third day of the bidding process.